Advocates for Puerto Rican homeowners are asking that New Jersey use its considerable influence as an investor to encourage lenders to let up on their foreclosure activity on the hurricane-ravaged island.

Puerto Rico is on the verge of a foreclosure crisis, said Jim Baker of the Private Equity Stakeholder Project.

And New Jersey's government worker pension fund has committed to invest billions of dollars in private equity firms Blackstone Group and TPG Capital, whose affiliates are foreclosing on Puerto Rican homeowners who have fallen behind on mortgage, property tax or homeowners' insurance payments in the aftermath of Hurricane Maria, he said.

Moratoriums on mortgage and reverse mortgage foreclosures expire March 19, and Baker told the State Investment Council he's hoping it will halt further investments with the firms and exert pressure on them to extend the moratoriums and work with owners to stay in their homes.

Tom Byrne, chairman of the State Investment Council, said it was easy to accommodate Baker's first request, as there are no plans for additional investments with Blackstone or TPG in the pipeline.

The council voted to urge TPG to meet with advocates; Blackstone has already agreed to a meeting. Members said they're open to taking a stronger position to discourage these foreclosures once the Division of Investment can do additional research.

Bryne said they would likely find a sympathetic ear in Gov. Phil Murphy, who toured shelters for hurricane victims in December and expressed support for additional federal relief aid.

"I don't think any of us are willing to make three extra basis points on this fund by throwing people out of their homes in Puerto Rico," Byrne said.

More than four months after the powerful hurricane hit Puerto Rico, more than a third of utility customers are still without power.

Through a translator, Maribel Soto of Elizabeth told the State Investment Council that the aggressive foreclosures are devastating people who are still recovering from the storm.

"When I speak with my family in Puerto Rico, I hear the desperation in their voices. They don't know when they will find employment again and when they will have stability in their lives," Soto said. "It's unjust that companies are taking advantage of people at such a moment."

The president of the Blackstone affiliate, Finance of America's reverse mortgage division, said in a Jan. 12 letter to advocacy groups that it services FHA-backed reverse mortgages that must follow U.S. Department of Housing and Urban Development guidelines.

Finance of America has "virtually no discretion about whether or not to initiate foreclosure proceedings," Kristen Sieffert wrote, adding the company favors HUD extending the moratorium.

"Given that (Finance of America's reverse mortgage division) does not have control over foreclosure timelines with respect to insured loans, we believe the best outcome for homeowners in this area would be an extension of HUD's foreclosure moratorium and intend to advocate for this extension directly to HUD," she said.

A spokesman for TPG Sixth Street Partners said it and other investors already directed the company that services its mortgages in Puerto Rico to voluntary freeze foreclosures and grant all forbearance requests.

"We are committed to continuing to act with care and understanding during this difficult time," spokesman Patrick Clifford said in a statement.